Poilievre says Freeland should block RBC-HSBC Canada takeover

Canada’s Opposition leader is calling on the Liberal government to block RBC’s proposed takeover of HSBC Bank Canada.

Conservative Leader Pierre Poilievre said Friday that the banking sale would reduce competition and negatively affect Canadians.

“If the biggest banks in Canada simply buy up growing players, there’s no hope for there ever being more competition in Canadian banking,” Poilievre said in a written statement.

The Competition Bureau has approved the proposed $13.5-billion acquisition, though it noted that financial services are concentrated in Canada.